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Diversifying Economy Presents a Rosy Picture for the Paints and Coatings Market - Due to high volatility in the crude oil market, it becomes necessary for the Gulf Cooperation Countries (GCC) to invest in diversifying their economy and reduce its dependence on oil
Diversifying Economy Presents a Rosy Picture for the Paints and Coatings Market

 

PRZOOM - /newswire/ - Mumbai, India, 2008/11/19 - Due to high volatility in the crude oil market, it becomes necessary for the Gulf Cooperation Countries (GCC) to invest in diversifying their economy and reduce its dependence on oil.

   
 
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Also, in order to meet the demands, driven by strong population and economic growth, they will need to invest in developing the infrastructure. Both the above activities would indirectly benefit the paints and coatings market.

New analysis from Frost & Sullivan (chemicals.frost.com), Middle East Paints and Coatings Markets, finds that the market earned revenues of $1.33 billion in 2007 and estimates this to reach $2.7 billion by 2014.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the paints and coatings market in the Middle East countries, then send an email to Tanu Chopra/ Nimisha Iyer, Corporate Communications, at tanuc[.]frost.com/ niyer[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

GCC countries need to develop hubs for other industries such as light manufacturing, financial services, and global trading to attract foreign investments. The influx of foreign investments will not only be economically rewarding but will also introduce large-scale infrastructural and industrial projects. The paints and coatings market will also reflect the effects of such moves by becoming more dynamic.

“Meanwhile, an increase in the disposable income as well as changing lifestyles has led to higher expectations from the end-users,” says Frost & Sullivan's Principal Consultant Dominic Louis Britto. “This, in turn, is driving the demand for paints and coatings – especially architectural paints which account for about 64 percent of the total market revenue.”

With the expansion of industries, there has been a significant rise in demand for consumer and industrial goods in the GCC countries. Many countries in GCC have also started to promote tourism, which has fostered the hospitality, infrastructure and allied industries, resulting in a rise in infrastructural projects, which in turn have increased the demand for paints. Paints and coatings are also used for wood finish, auto refinish and marine applications.

As the potential of the paint and coatings market becomes increasingly apparent, more numbers of participants have been flocking to it, making the business a high-volume, low-margin one. To top this, end users are gravitating toward low-value products due to their lack of awareness regarding the quality and usage of paints and coatings.

Manufacturers can disseminate information about the quality of paints by training the professionals to make them aware of the advantages of superior quality paints. They also need to create a powerful brand image through a conscious brand building exercise. They could also promote their products' ability to meet industry standards.

Companies also need to leverage the first-mover advantage in the GCC countries, as it will rapidly increase their market share. Companies can also stay ahead of the competition by introducing technologies that provide better results, and thereby command better prices.

Middle East Paints and Coatings Markets is part of the Chemicals & Materials Growth Partnership Service program, which also includes research in the following markets: Asia Pacific Paints and Coatings Markets, European Paint Additives Markets and U.S. Protective Coatings Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.

Middle East Paints and Coatings Markets
P19A

 
 
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Diversifying Economy Presents a Rosy Picture for the Paints and Coatings Market

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Contact: Tanu Chopra / Corporate Communications – 
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